Securities: Gifts of long-term, appreciated securities (bonds, stocks, and mutual funds) are easy to make and can be made by friends of New Hanover. There are many advantages to this method of giving: contributors receive a full charitable deduction for the fair market value of the securities; they avoid capital gains taxes; and there is no commission for the transfer! NHUMC has a brokerage account for each transfer.
Life Insurance: Life insurance plays an important role in providing financial protection for emergencies, asset protection for estates, and security for families with children. As family situations and needs change, however, the need for life insurance may also change. Life insurance offers an opportunity for a family to give significantly. The policy may be paid up or it may be a whole life policy with significant cash value with payments that will need to be paid. NHUMC can evaluate your policy to assist you with a decision.
Perhaps you have a policy you wish to keep, but you would like to make NHUMC the beneficiary of the policy. The cash value would still be available in the case of an emergency, but the proceeds would be distributed to the church upon your demise.
Real Estate: The real estate market has boomed in recent years. Many people find that these holdings are becoming more valuable. This creates an exceptional opportunity to use a building, a vacation property, or raw land to make a significant investment in the ministries of New Hanover. A taxable property that has appreciated in value can be given without incurring tax on the appreciation. Thus, the value of the gift may be substantially more than it would be if the property were first sold and the after-tax proceeds donated to the church.
There are many options for a gift of real estate. You might consider an outright gift, a gift of a partial interest, or a gift with rights you retain - such as living in the property or securing an income for life.
Will and Bequests: This is one way everyone can give. You may bequest a gift of any kind or amount and make NHUMC the beneficiary. After prayer and talking with those closest to you, consider one of these possibilities:
A Bequest to NHUMC in the form of:
A specific amount of money
A specific piece of personal or real property
A specific percentage, like 10%
Conditional bequests based upon certain conditions that must be met
Residuary bequests - the "rest, remainder, and residue" of your estate after all other specific bequests, expenses, and taxes have been paid.
Retirement Plan Assets: By simply making NHUMC the last beneficiary of an IRA or other type of retirement plan, you can pass on remaining assets in these plans free of income and estate taxes after your demise.
What if I need "Income for Life" and a Tax Deduction?
Gift Annuities: A charitable gift annuity gives you a lifetime income with immediate tax benefits. Annuity rates are much higher than rates on certificates of deposit, with part of the income received being tax-free. Upon your demise, the annuity balance benefits the ministry of the church.
Charitable Trusts: Various types of trusts can be established - such as a charitable remainder trust - that will benefit you and the church. A charitable trust can provide income for life. You can benefit from savings in capital gains, income, inheritance and estate taxes. Upon maturity, the balance in the trust benefits the church.
Electronic Funds Transfer: (EFT) is both a convenient and reliable to fulfill your financial commitment to the church. EFT is also the most cost-efficient method of giving to the church since it reduces administrative costs and helps maintain a predictable cash flow. To choose EFT, simply contact the church Financial Secretary at 610-323-2353.
Crown Financial Ministries Website: www.crown.org
What do I do next?
You can contact Pastor Dave Lewis for assistance:
Pastor Dave Lewis, 610-323-2353, davel@newhanoverumc.org
As always, seek assistance from your financial advisor for suitability of gifts and tax benefits. Deferred gifts can be arranged at Univest Foundation or the Eastern District of the UMC Foundation.
